SK innovation’s subsidiary, SK earthon, has completed the sale of its stake in Peru LNG Company, LLC which SK earthon had run since 2010.On April 22 (local time), SK earthon successfully wrapped up the sale of its 20 percent stake in Peru LNG to MidOcean Energy for US$256.5 million. The two companie
OCI Holdings announced on April 23 that it will expand its solar power business in earnest after signing a memorandum of understanding (MOU) for investment cooperation with the Malaysian central government at the KL20 Summit 2024, a global investment attraction event held in Kuala Lumpur, Malaysia,
Hyundai Mobis, a global leading company in the electric vehicle supplier, announced the construction of a new plant in Spain, the heart of Europe's automotive market. Mobis currently operates battery system production facilities in Korea, China, and the Czech Republic and is building several more in
Taiwan, a major hub for the world’s top semiconductor companies, has experienced a series of earthquakes, leading to temporary delays in semiconductor supply and potential price hikes.On April 23, the industry reported that over 50 aftershocks, ranging from magnitude 3.0 to 6.3, struck eastern Taiwa
On April 23, Samsung SDI announced that it will showcase future battery technology for electric vehicles to global scholars at the “37th Electric Vehicle Symposium & Exhibition (EVS37).”EVS is the largest electric vehicle symposium and exhibition worldwide, starting in 1969. It is an event where glo
At one point, 8 out of 10 Chinese smartphones used Organic Light Emitting Diode (OLED) panels from Korean companies. Now, that number has plummeted to less than 2 out of 10, indicating a dramatic drop in the market share of Korean companies as China encourages the use of domestically produced compon
Samsung Electronics has launched a next-generation NAND flash product with the industry’s highest-stacked semiconductor cells. With the surge in artificial intelligence (AI) demanding vast amounts of image and video data, the value of NAND storage is also rising.On April 23, Samsung Electronics anno
It has emerged that the domestic battery industry, which received trillions of won in tax deductions in the United States last year, might need to pay nearly 200 billion won in additional taxes by 2026 due to the implementation of a global minimum tax. Battery companies are currently investing in th
Samsung Electronics and SK hynix did not pay corporate taxes last year as they both recorded operating losses due to the downturn in the semiconductor industry.According to Samsung Electronics’ business report released on April 23, the company recorded an operating loss of 11.52 trillion won (US$8.3
Chinese electric multiple unit rapid transit cars, which dominated the U.S. electric rapid transit car market through price war, are being withdrawn from the market one after another due to safety issues and rising costs. Hyundai Rotem, which has struggled due to the price war, is aggressively pursu
According to sources in the petrochemical industry on April 22, Lotte Chemical, the second-largest petrochemical company in South Korea, is seriously considering halting operations at its Yeosu Plant 2, which produces PET, a raw material for plastics. It is anticipated within the industry that the c
As Samsung Electronics launches its new all-in-one personal computer (PC), Intel, the provider of the central processing unit (CPU), has announced its intention to work with Samsung Electronics to develop the AI PC market together.Bae Tae-won, vice president of the Intel Korea Samsung Business Divis
Samsung Electronics and SK hynix are engaging in fierce competition to lead the next-generation semiconductor market in the age of artificial intelligence (AI). Both companies are striving to gain an edge through new product development and mass production timing. With Intel joining the fray, the gl
In the first quarter of this year, Korea’s exports to the United States surpassed those to China for the first time since the second quarter of 2003.Exports to the U.S. are expected to remain strong for the foreseeable future, driven by foreign direct investment (FDI) in the manufacturing industries
Korea Hydro & Nuclear Power (KHNP) signed a business agreement with Framatome, a French nuclear power plant equipment company to cooperate in production of isotopes for cancer treatment in Paris, France, on April 17 (local time).Under the agreement, the two companies will jointly conduct a technical
As of last year, the cumulative overseas sales of the Korea Electric Power Corporation (KEPCO) reached a total of 41.8 trillion won (US$30.29 billion). More than half of the overseas sales came from nuclear power projects.According to KEPCO on April 18, the cumulative overseas sales of the company a
On April 17, Chairman Shin Dong-bin of Lotte Group visited the Lotte Energy Materials’ smart factory in Kuching in the state of Sarawak in Malaysia to inspect the secondary battery material business and engage with local employees.Since 2019, Lotte Energy Materials has been producing copper foil in
The Biden administration is likely to grant Hanwha Q CELLS’ request to impose tariffs on bifacial solar panels imported into the United States, according to sources cited by Reuters on April 17. On Feb. 23, Hanwha Q CELLS formally petitioned the United States Trade Representative (USTR) to revoke th
Kwak Noh-jung, president of SK hynix, has emphasized the dangers of concentrating semiconductor supply chains in specific regions, highlighting the importance of cooperation between South Korea and the United States. His remarks came after disruptions in semiconductor production due to COVID-19 and
The collective net worth of Korea’s 50 Richest on the 2024 Forbes list rose slightly to US$115 billion from $106 billion, amid the country’s global chipmaking ambitions. The complete list can be found at www.forbes.com/korea, as well as in the April/May issue of Forbes Asia and the May issue of Forb